Wonga has experienced significant growth in territories including South Africa over recent years. The company, which offers a vast range of services to borrowers and businesses has described its growth as “beyond expectations”. The company formed in 2007 in the UK to offer short-term loans to people turned down elsewhere and has since expanded into a series of global markets.
The company has also expanded into the Spanish market place in recent years. It has been named as the fastest-growing tech company in the UK and specialises in helping customers obtain short-term loans to meet unforeseen expenses, giving them extra options when they’ve been turned away by banks and other lenders. They currently have a presence in the UK, Poland, South Africa and Spain. The company has developed more stringent criteria for lending over the years, only lending money to those who it feels can comfortably pay the money back. Customers can obtain money 365 days a year, at any time and see the cash hit their accounts within 15 minutes. Wonga was the first company to use automated lending processes and allows users to obtain money via their laptops, smartphones and tablets, meaning they can get the solution they need even when on the move.
The service was formed to help people avoid the long waits often associated with obtaining credit and provide valuable simplicity. Customers can choose exactly how much they wish to borrow and how long they want to borrow it for, with the company telling them how much their loan will cost them at the application stage. The company recently trialled 90-day lending in the UK to cater for customers seeking longer-term solutions. Customers aren’t forced to borrow more than they need and can repay their loans early at any time without being penalised. The company has an ongoing commitment to learning from past mistakes and has made various changes to its policies over the years to stop those who cannot afford to repay loans from taking them out. Wonga has in the past said it plans to “grow fairly aggressively, but in a responsible way”. It says its loans are designed for occasional use and not suitable for long-term lending.